Romania's Ruling Party Submits Bill To Repatriate 61 Tons Of Gold From The U.K.

Romania’s ruling Social Democratic Party chief, Liviu Dragnea, has submitted a bill to parliament asking the Central Bank to repatriate 95 per cent of its gold reserves, much of which are held in London. The move widens the rift between the Social Democrat-led government and the Central Bank over economic policies, raising concerns that the ruling party is pushing to control an institution that has criticised its governance. Dragnea and Senator Serban Nicolae who co-signed the bill, complain that Romania has been storing its gold in the Bank of England, but that Bucharest has not got any interest from this, and has also been paying storage fees. “Nothing in Romania’s economic situation justifies keeping such an amount of gold abroad and paying the implicit costs, which are not negligible, while this reserve can be kept and supplemented in storage facilities in the country,” the documents submitted with the bill say. The legislative proposal stipulates that the g...

from GoldBroker.com https://www.goldbroker.com/news/romania-ruling-party-chief-submitted-bill-repatriate-61-tons-gold-from-uk-1491